Madrid’s then foreign minister Jose Manuel Garcia-Margallo had claimed Brexit “opens up new possibilities” for Spain to take control of Gibraltar, adding: “The Spanish flag on the Rock is much closer than before”.

But Mr Picardo dismissed suggestions Gibraltar could become subject to Brexit negotiations.

He said: “We're not going to be accepting the payment of any price in our sovereignty, jurisdiction or control for our future participation with the UK in any trade deals with the EU.”

The Chief Minister also outlined how Prime Minister Theresa May’s ambition for a clean break from the EU, by leaving the bloc’s Single Market and Customs Union, had dealt a severe blow to Spain’s hopes of reviving the Gibraltar dispute.

He said: “The less that the UK seeks in the context of the Article 50 negotiation… then the harder it is for Spain to try and extract a price.”

Mr Picardo added a so-called ‘hard’ Brexit “ takes leverage away from those that might be trying to use that negotiation in some way to push the issue of Gibraltar”.

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The British Prime Minister Delivers Her Brexit Speech

Despite outlining how former UK governments had previously used Gibraltar as a bargaining chip in deals with Spain, Mr Picardo said: “I do not think the present British Government is anywhere near that sort of attitude, nor anybody in the British Parliament.

“I think there is widespread support for the people of Gibraltar and if Spain thinks the Government of the UK or indeed the people of Gibraltar haven't got the stomach to stand up for full exclusive British sovereignty going forward I think they're misreading the situation and what this negotiation is going be about.

“Gibraltar will pay any price, bear any burden and meet any hardship in the context of ensuring we have a future that is bright and exclusively British post-Brexit.”

Describing why Gibraltar voted almost unanimously to remain in the EU on June 23, Mr Picardo explained the threat of neighbouring Spain was at the forefront of Gibraltarians’ concerns.

He said: “The people in Gibraltar didn't vote on the basis of whether we liked the EU or whether the EU was faultless.

“I think we could all understand many of the issue that were being put in argument by those who were arguing to leave the EU.

“Many of the frustrations that people felt with the EU, those are equally felt in Gibraltar as they might be in the UK and elsewhere throughout the EU.

“The people of Gibraltar were voting because we were very clear that the minute the result came in, if it was to leave, Spain would be putting the issue of Gibraltar's sovereignty on the table.”

He added: “The view in Gibraltar, held almost unanimously to a man, woman and child, is that Brexit does not represent any change whatsoever in Gibraltar's attitude to continued perpetual British sovereignty over The Rock in partnership with the people of Gibraltar.”